Bloomberg reports that Drew, who resigned May 14th, can keep $17.1m in unvested restricted shares and about $4.4m in options that she otherwise would have been required to forfeit if the New York-based bank had terminated her employment 'with cause', according to regulatory filings and estimates from consulting firm Meridian Compensation Partners LLC.
A 30-year JPMorgan veteran, Drew also had accumulated 661,000 unrestricted shares of common stock worth about $23.7m based on the May 14 closing price, $9.7m in deferred compensation and $2.6 million in pension pay as of December 31st, according to company filings. Altogether, Drew’s stock, pension and deferred pay come to about $57.5m.
'She was with that company for a long time', said Frank Glassner, a partner at Meridian in San Francisco. 'She was an incredibly talented, well-thought-of employee, not only within the company but on the Street. A lot of this money had been earned over a great deal of time, not just yesterday'.
In the meantime, JPMorgan's internal controls have come under increased scrutiny by regulators who have asked the bank to demonstrate its risk models are designed and working properly, the Wall Street Journal reported, citing to people close to the situation.
The bank's primary regulator, the Office of the Comptroller of the Currency, has requested reviews of models that measure the possible effects of everything from trading losses to interest-rate moves, the Journal said.
Finally, Bloomberg reports that Richard Bove, an analyst with Rochdale Securities, has said that JPMorgan won’t have a 'major loss' in 2012 following the firm’s disclosure of losses from credit derivatives that could amount to more than $2bn this quarter.
'We’re not expecting JPM to run a major loss',Bove said Thursday in a Bloomberg Television interview with Tom Keene. 'I don’t believe that there’s any likelihood that the liquidity of the company is going to be affected by this'.